Western Union is going to launch a closed-loop
e-wallet designed to meet the needs and requirements of business to
business payments.
The B2B e-wallet will be aimed at Western
Union Business Solutions clients in the US and Canada, and support
the payments platform technology by hyperWALLET.
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Western Union Business Solutions clients can
then use the Online FX to manage and keep funds on balance for
future trading. The solution will also enable clients to make
payments via email internationally.
According to Raj Agrawal, president of Western
Union Business Solutions, the B2B e-wallet is “a huge leap forward
for B2B payments”.
Agrawal said: “It will ease critical pain
points for small and medium enterprises trying to compete on a
global scale. With faster, streamlined transfer methods, our
clients will save on foreign exchange and spend less time managing
payments and receivables, so they can devote more time to growing
their business.”
The e-wallet is going to be launched during
the first quarter of 2012.
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